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Wednesday, 05 August 20
SLUMP IN OIL REVENUE CHALLENGES MIDDLE EAST OIL EXPORTERS - INTERMODAL
 The Covid-19 pandemic has had far-reaching consequences on the global capital markets. Despite the US government’s efforts for a quick and decisive response to Covid-19, unemployment rates rocketed to unprecedented figures. This was a key contributor to the near one-third shrinkage of the economy. Driving restrictions within the US and the decline in countrywide GDP have adversely affected gasoline and oil demand throughout the nation.
Being one of the most predominant global crude oil consumers, South Korea has seen its exports plummet to significant lows. This is likely to cause a nationwide recession which will further reduce global demand for oil. Chinese oil demand has gradually softened thus reducing the price per oil barrel in Asia. At the same time, derivative markets which add value to North Sea crude oil grades, are in a frail state.
The oil consumption outlook does not appear to be any better in Europe, with Finnish refiner Neste Oyj predicting that demand for oil products will remain “severely reduced” in the third quarter. Despite the recent historic deal between OPEC+ nations to cut global oil output, crude oil remains priced at around $40/barrel. Energy analyst C. Markits predicts an average price of $43/barrel for Brent in July; this figure may rise to $50 by December provided that oil demand will begin to recover. However, this is just one of many highly speculative scenarios.
The IMF argues that plunging crude prices coupled with global production cuts are expected to significantly affect oil exporters in the Middle East and North Africa. Combined oil income for these exporting regions is projected to decrease by $270 billion y-o-y from 2019. According to S&P Global Ratings, country members of the Gulf Cooperation Council are set to accumulate a combined $490 billion in government deficits between 2020 and 2023.
Responses to the economic shock
Saudi Arabia tripled its VAT in the past month in an effort to reverse the deficit and revive its economy. This is expected to reduce its deficit by $27 billion. At the same time, the government announced the suspension of cost-of-living allowances for its employees. Additionally, several governmental operational and capital expenditures will either be cancelled, extended, or postponed whereas major projects will materialize under strictly reduced provisions. Saudi Arabia plans to privatize state-held assets in healthcare, education and water utility sectors to raise additional funds. Saudi Finance Minister Mohammed Al-Jadaan argued at a Bloomberg forum that Arabian exporters could receive billions from such privatizations over the next five years.
Kuwait - which is one of the world’s wealthiest countries - is also facing a severe budget crunch. After having a running deficit that could reach 40 per cent of its economy this year, the Kuwaiti Finance Ministry is seeking permission from parliament to tap global debt markets for as much as $65 billion. However, Kuwait’s options are limited. The General Reserve Fund has been used aggressively in recent months. This has left its liquid assets in a vulnerable state and they could be further depleted within the current fiscal year, or by April 2021.
By Apostolos Rompopoulos
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 19 August 20
COAL INDIA TRADE UNIONS DEFER DAY-LONG STRIKE: PTI
The unions had decided to go on strike against the commercial mining and the proposed divestment or buyback of shares of Coal India Ltd (CIL).
...
Wednesday, 19 August 20
MISC MARKS ITS MAIDEN FORAY INTO MAJOR DEEP-WATER PROJECT IN LATIN AMERICA WITH MERO 3 FPSO
MISC Berhad (MISC) is pleased to announce its acceptance of Letter of Intent (LOI) from Petróleo Brasileiro S.A. (Petrobras) for the provisi ...
Wednesday, 19 August 20
MARKET INSIGHT - GEORGE LAIOS | INTERMODAL
Since the Covid-19 outbreak, governments and central banks around the globe have been using their ammunition and stimulus packages to keep their ec ...
Wednesday, 19 August 20
INDIA SAW A SHARP DECLINE IN ENERGY COAL IMPORTS IN JANUARY - JUNE 2020; –27 PER CENT YOY - BHP
Energy coal prices were weak in the second half of financial year 2020, BHP says in its Economic and Commodity Outlook FY20.
Accordi ...
Wednesday, 19 August 20
COAL PRICES TO REMAIN SUBDUED THIS FISCAL AMID WEAK DEMAND, HIGH INVENTORY - THE HINDU BUSINESS LINE
Coal offtake is improving gradually as lockdown eases
Coal prices are expected to remain subdued to weak demand and high inventory l ...
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- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Planning Commission, India
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- White Energy Company Limited
- Parliament of New Zealand
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
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